Odakyu Electric Railway : Summary of Consolidated Financial Results for the Three Months Ended June 30,2021(Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2021 (Based on Japanese GAAP)

				July 30, 2021
Company name:	Odakyu Electric Railway Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	9007	URL https://www.odakyu.jp/
Representative:	President & CEO	Koji Hoshino
Inquiries:	Office Manager, IR Office	Toru Ishiguro	TEL [phone]
Scheduled date to file Quarterly Securities Report:	August 13, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 to June 30, 2021)

(1) Consolidated operating results (cumulative)								Percentages indicate year-on-year changes
	Operating revenue	Operating profit	Ordinary profit		Profit attributable to
			owners of parent
	Millions of yen		%	Millions of yen		%	Millions of yen			%	Millions of yen		%
Three months ended June 30, 2021	88,355			-	3,120		-		3,634			-		7,341		-
Three months ended June 30, 2020	70,366		(45.5)	(14,482)		-	(15,664)			-		(16,319)		-
	Earnings per share		Diluted earnings per share
				Yen				Yen
Three months ended June 30, 2021			20.22					-
Three months ended June 30, 2020			(44.94)					-
(2) Consolidated financial position
	Total assets		Net assets		Equity ratio
	Millions of yen		Millions of yen					%
As of June 30, 2021	1,301,332	350,509				26.7
As of March 31, 2021	1,326,996	352,456				26.4
2. Cash dividends
						Annual dividends per share
	1st quarter-end		2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen			Yen			Yen				Yen			Yen
Year ended March 31, 2021			-		0.00				-				10.00			10.00
Year ending March 31, 2022			-
Year ending March 31, 2022 (Forecast)					0.00				-				10.00			10.00

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Operating revenue	Operating profit		Ordinary profit		Profit attributable to	Earnings per share
			owners of parent
Six months ending	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen		%	Yen
178,300	-	2,300		-	1,800		-	6,800		-	18.72
September 30, 2021
Full year	381,600	-	12,000		-	10,500		-	13,500		-	37.17

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4. Notes

1. Changes in significant subsidiaries during the three months ended June 30, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of June 30, 2021	368,497,717	shares	As of March 31, 2021	368,497,717	shares
Number of treasury shares at the end of the period
	As of June 30, 2021	5,328,415	shares	As of March 31, 2021	5,327,705	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2021	363,169,726	shares	Three months ended June 30, 2020	363,162,134	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of June 30, 2021
Assets
Current assets
Cash and deposits	49,397	42,676
Notes and accounts receivable - trade	20,134	-
Notes and accounts receivable - trade, and contract assets	-	22,220
Merchandise and finished goods	5,770	5,977
Land and buildings for sale in lots	29,817	25,017
Work in process	1,002	995
Raw materials and supplies	2,282	2,567
Other	38,647	33,855
Allowance for doubtful accounts	(358)	(368)
Total current assets	146,692	132,942
Non-current assets
Property, plant and equipment
Buildings and structures, net	484,778	483,596
Machinery, equipment and vehicles, net	57,323	59,235
Land	472,084	472,860
Construction in progress	33,167	29,840
Other, net	11,742	11,938
Total property, plant and equipment	1,059,096	1,057,470
Intangible assets
Goodwill	1,654	1,584
Other	21,890	20,959
Total intangible assets	23,544	22,544
Investments and other assets
Investment securities	74,325	65,110
Other	24,696	24,622
Allowance for doubtful accounts	(1,359)	(1,358)
Total investments and other assets	97,662	88,374
Total non-current assets	1,180,304	1,168,389
Total assets		1,326,996	1,301,332

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			(Millions of yen)
		As of March 31, 2021	As of June 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	19,664	16,047
Short-term borrowings	182,428	187,244
Current portion of bonds payable	20,010	20,010
Income taxes payable	6,311	2,718
Provision for bonuses	6,868	7,425
Provision for redemption of gift certificates	1,582	1,624
Provision for loss on disaster	89	89
Other provisions	84	104
Other	102,666	84,073
Total current liabilities	339,704	319,337
Non-current liabilities
Bonds payable	247,015	247,015
Long-term borrowings	253,720	250,365
Long-term accounts payable to Japan railway	70,603	70,603
construction, transport and technology agency
Retirement benefit liability	13,600	13,709
Asset retirement obligations	1,688	1,685
Other	48,207	48,107
Total non-current liabilities	634,835	631,486
Total liabilities	974,539	950,823
Net assets
Shareholders' equity
Share capital	60,359	60,359
Capital surplus	57,900	57,900
Retained earnings	207,852	210,721
Treasury shares	(6,503)	(6,505)
Total shareholders' equity	319,609	322,475
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	26,479	21,797
Revaluation reserve for land	548	548
Remeasurements of defined benefit plans	3,241	3,091
Total accumulated other comprehensive income	30,269	25,437
Non-controlling interests	2,578	2,595
Total net assets	352,456	350,509
Total liabilities and net assets		1,326,996	1,301,332

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		June 30, 2020	June 30, 2021
Operating revenue	70,366	88,355
Operating expenses
Operating expenses and cost of sales of transportation	66,380	66,134
Selling, general and administrative expenses	18,468	19,100
Total operating expenses	84,848	85,234
Operating profit (loss)	(14,482)	3,120
Non-operating income
Interest income	3	5
Dividend income	939	849
Share of profit of entities accounted for using equity method	-	164
Miscellaneous income	802	1,004
Total non-operating income	1,745	2,024
Non-operating expenses
Interest expenses	1,364	1,244
Share of loss of entities accounted for using equity method	803	-
Miscellaneous expenses	759	266
Total non-operating expenses	2,927	1,511
Ordinary profit (loss)	(15,664)	3,634
Extraordinary income
Gain on sale of non-current assets	298	2,958
Contribution for construction	362	432
Gain on sale of investment securities	-	4,267
Subsidy income	78	1,400
Other	116	454
Total extraordinary income	855	9,513
Extraordinary losses
Loss on sale of non-current assets	18	5
Loss on tax purpose reduction entry of non-current assets	301	382
Loss on retirement of non-current assets	186	36
Non-recurring loss	2,475	-
Other	13	8
Total extraordinary losses	2,995	432
Profit (loss) before income taxes	(17,804)	12,715
Income taxes - current	304	2,746
Income taxes - deferred	(1,530)	2,600
Total income taxes	(1,226)	5,347
Profit (loss)	(16,577)	7,367
Profit (loss) attributable to non-controlling interests	(257)	26
Profit (loss) attributable to owners of parent		(16,319)	7,341

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